Poland Preparing To Tap International Markets For Additional Nuclear Project Funding

Of that debt, roughly 70% is expected to come from foreign export credit agencies and 30% will be sought from commercial lenders, PEJ said recently. According to estimates, the Pomerania nuclear station could cost nearly 200 billion zloty (about €45bn).

The financing structure is essential to moving forwards with the engineering, procurement, and construction (EPC) contract for the project, in the area of the villages of Lubiatowo and Kopalino on the Baltic Sea coast, northwest of Gdansk.

“We are making steady progress in securing the necessary financing and remain focused on delivering the project within the expected timeframe and budget.” Piela told NucNet.

EU Decision ‘Crucial In Securing Project Capital’

In 2022, Poland chose US-based Westinghouse Electric Company to supply its AP1000 pressurised water reactor technology for the Pomerania nuclear station. The latest schedule is for construction of the first of three units to start in 2028, with commercial operation of that unit in 2036.

The financing model, however, depends on approval from the European Commission.

“The Polish government with our support is in dialogue with the commission and we expect a decision later this year,” Piela said. “We fully respect the European Commission’s processes and timelines, but we openly communicate that this is a crucial step in securing the rest of the project’s capital.”

Funds from the 60.2-billion-zloty government allocation will only become available once the commission accepts Poland’s proposed support mechanism, Piela confirmed.

According to PEJ, foreign credit agencies have declared their intent to provide over 100 billion zloty of financing for the project. Until now 11 export credit agencies have expressed intention and readiness to engage their resources in the project to build Poland’s first nuclear power plant. Piela confirmed that these financial entities expressed strong interest to engage in its first nuclear investment in Pomerania.

US credit agencies have shown the strongest interest. Combined pledges from the Export-Import Bank of the United States (Exim) and the US Development Finance Corporation (DFC) total around $19bn, with Exim accounting for about $17.8bn.

“Recent developments highlight nuclear energy’s growing role as a strategic driver of American exports,” said Piela.

Trump Policies Could Be ‘Very Favourable’

Piela described recent US nuclear support policies in recent executive orders by president Donald Trump as “very favorable to the direction” of PEJ’s project.

Leading export credit agencies from North America, Europe and Asia have indicated significant levels of interest in supplying financing support, often tied to conditions that would see services or equipment bough from their own national suppliers.

As PEJ works towards a final EPC agreement with its consortium partners, Westinghouse and US engineering firm Bechtel, it is also engaging with Polish nuclear regulators to avoid the kind of bureaucratic pitfalls that have delayed other European projects.

An engineering design agreement (EDA) was signed with the Westinghouse-Bechtel consortium in April 2025 to secure the next stage of the project until an EPC contract is signed.

“We agreed with our consortium that every deliverable under the recently-signed EDA will be subject to initial dialogue with both the nuclear and technical regulators,” Piela said, referring to Poland’s National Atomic Energy Agency (PAA) and the Office of Technical Inspection (UDT).

He said that responsibility for licensing is being shared between PEJ, Westinghouse and Bechtel.

“We are not throwing the responsibility around. As PEJ, we are the applicant for all licences, but we cooperate closely with Westinghouse-Bechtel consortium in delivering the necessary documentation.”

Making Sure Components Are ‘Regulator Ready’

The goal is to ensure that as soon as the EPC deal is signed, PEJ will know precisely which components it can order and will have confidence that they are “regulator-ready.”

“Delays are very costly in terms of money, but they also cost something much more valuable,” said Piela said. “They cost time, and time, in our case, is critical, as we cannot afford delays in our future energy supply and harm to Poland’s energy security.”

He called financial discipline “absolutely essential” and noted that institutional lenders expect the project to maintain its financial structure regardless of final cost.

PEJ is carrying out early preparatory steps on the coastal site. The company plan to begin forest clearance yet this year. With summer tourist season underway, PEJ opted to postpone logging until autumn to adapt to the needs of the local community.

Construction area reforestation is being kept to a minimum. The size of the area where reforestation will take place is specified in the environmental decision, which PEJ obtained in September 2023.

Once construction is completed, the company will reforest part of the project area. PEJ said it is in constant dialogue with Choczewo local authorities regarding the possibility of additional plantings in the region.

Geological investigation and geodetic studies are being carried out at the project site. This information is important for the final design of the plant.

“This is really new for us in terms of engineering of the nuclear island,” he said. “For the rest, we know how the conventional part of the power plant will look because we have built many of those in Poland already.”

If the project falters, Piela warns, the consequences would go far beyond site management or equipment costs.

“Poland may find itself without reliable energy sources after coal plant shutdowns in the 2030s.”

According to Piela, PEJ’s three core priorities are clear: nuclear safety, schedule, and financing.

“There is no possibility of cutting corners on nuclear safety. Not for a second.”